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To Help Reduce Dependency on Foreign Oil Major Bank Makes Commitment to Purchase Environmentally Friendly Hybrid Electric Vehicles

Contact:

Darden Rice
Sierra Club
727.824.8813
Stephanie Strong
Earth Day Coalition
216.281.6468
Debbie Petsche
Ohio Savings Bank/AmTrust Bank
216. 588.5310
Jeff Gearhart
Ecology Center
734. 663.2400 x 117

To Help Reduce Dependency on Foreign Oil Major Bank Makes Commitment to Purchase Environmentally Friendly Hybrid Electric Vehicles

Environmentalists Cite Bank for Environmental Leadership

(October 14, 2002) Ohio Savings Bank/AmTrust Bank, one of the top ten mortgage lenders in the U.S., has committed to replacing company vehicles with environmentally friendly hybrid electric vehicles wherever feasible. The bank estimates that it will purchase 24 hybrid electric vehicles in the next two years. "Our objective in making the switch (to hybrids) is to do our part to reduce U.S. dependency on foreign oil," said Gerald Goldberg, co-chairman of the board of Ohio Savings Bank. "Though individually it may seem like it won't make a difference, imagine what would happen if all of the companies in Cleveland, or in the state of Ohio, or even better, across the country, did the same."

"In the past few months, two of our senior executives in Cleveland have started driving hybrids, we have a third hybrid based at our Boca Raton, Florida branch office, and we plan to covert many company issued cars over to the hybrids within the next two years," said Goldberg. "While we've had standards in place regarding company-owned vehicles in the past, such as a minimum fuel economy, adopting the policy of purchasing only hybrids makes a much stronger statement."

Environmentalists have applauded the decision and have called for other corporate fleets to follow the Ohio Savings Bank's lead. "This decision shows that businesses can make a real difference to reduce dependence on imported oil and address global warming. We hope that other corporations follow this lead," said Darden Rice of the Sierra Club.

"At this crucial time in our world history we need innovative leadership from all sectors of our economy to both strengthen our national security and safeguard our environment for future generations," stated Jeff Gearhart of the Ecology Center

Hybrid electric vehicles combine gasoline and electric drive systems to achieve 50% greater fuel economy compared to standard vehicles. Based on the typical yearly miles driven for these vehicles, the Ohio Saving Bank will be saving over $1,000 per year, per vehicle on fuel costs. Hybrid electric vehicles also qualify for a variety of state and federal incentives, including a $1,500 "clean-fuel vehicle" IRS tax deduction. Hybrid electric vehicles currently available today include the Toyota Prius and the Honda Insight and Civic. In 2003 Ford will begin selling a hybrid electric version of its Escape.

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For more background on hybrid electric vehicles, available tax deductions and other incentives go to www.cleancarcampaign.org/hybridelectric.shtml

Ohio Savings Bank (www.ohiosavings.com) was founded in Cleveland, Ohio in 1889. Since then, the bank has grown from a local savings and loan to a nationally recognized leader in retail banking, wholesale mortgage lending and construction lending. With over $10 billion in assets, Ohio Savings is one of the 10 largest mortgage lenders in the United States.

Expansion into Florida began more than 10 years ago with the inception of the AmTrust Bank division. Today, there are 15 AmTrust Bank branches located throughout southeast Florida. In 2000, the first AmTrust Bank branch opened in the Phoenix, Arizona market. Three additional Arizona locations have opened since then, bringing the total number of Ohio Savings Bank and AmTrust Bank branches to 53.

Guided by sound and prudent management, Ohio Savings Bank leads the industry in exceptional products and impeccable services. Throughout its history, Ohio Savings Bank has been nationally recognized for its products, service and commitment to the community.

Sierra Club's (www.sierraclub.org) 700,000 members work together to protect our communities and the planet. The Club is America's oldest, largest and most influential grassroots environmental organization.

Earth Day Coalition (www.earthdaycoalition.org) is a nonprofit environmental education and advocacy organization serving Ohio. Located in Cleveland, Earth Day Coalition provides education, inspires leadership and encourages action for a healthy environment. Earth Day Coalition's clean fuels program (a designated U.S. DOE Clean Cities Coalition) works to identify, address and reduce the barriers to alternative fuel use in vehicles.

The Ecology Center (www.ecocenter.org) based in Ann Arbor, is a regional environmental organization working for clean air, safe water and environmental justice. The Center is one of the coordinating organizations of the national Clean Car Campaign.